A Comment on "The Great Canadian Slump"
AbstractIn this comment on Fortin (1996), the authors argue that the sluggishness in economic activity in Canada in the 1990s is better explained by a combination of factors than by monetary policy alone. They find that: (1) it is difficult to explain the sluggishness on the basis of the historical relationship between monetary conditions and real activity; (2) Fortin's evidence of downward nominal wage rigidity is seriously overstated; (3) there are several reasons why technological change may have had a larger impact on employment in Canada in the 1990s than in the United States; and (4) the build-up of government debt in the 1980s and 1990s was much more than a cyclical problem associated with monetary policy.
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Bibliographic InfoArticle provided by Canadian Economics Association in its journal Canadian Journal of Economics.
Volume (Year): 31 (1998)
Issue (Month): 3 (August)
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Postal: Canadian Economics Association Prof. Steven Ambler, Secretary-Treasurer c/o Olivier Lebert, CEA/CJE/CPP Office C.P. 35006, 1221 Fleury Est Montréal, Québec, Canada H2C 3K4
Web page: http://economics.ca/cje/
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